James Char
On paper, the ongoing Israeli-U.S. offensives against Iran have turned into a nightmare for many countries due to the concomitant oil and gas crunch. As the factory of the world, China should be no different given roughly half of its crude oil and condensate imports come from the Gulf producers: Iran, as well as Saudi Arabia, Iraq, and others.
Regarding the blockaded Strait of Hormuz at the center of the world’s attention, about 20 percent of global oil and 20 percent of liquefied natural gas (LNG) trade flows through the chokepoint – with roughly 80 percent of the volume sold to Asia. However, in the weeks since the conflict began on February 28, Beijing has appeared self-assured.
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